Retirement planning is a long-term endeavor that is not easy for many Illinois residents. It takes discipline and sacrifice and may not be without detours along the way due to unexpected expenses or periods of unemployment. If a couple makes it to the finish line and puts their work years in the rearview mirror, life seems good. However, that feeling of contentment can be shattered if the couple's retirement leads to divorce.
Some Illinois couples may be among those who said in a LendingTree study that they regretted spending as much money as they did on their wedding. The survey was conducted among people who were aged 18 to 53 and who had gotten married within the past two years. Nearly half said their wedding had put them into debt.
It's fairly common for couples planning to tie the knot in Illinois to assume prenuptial agreements are for individuals with significant assets they wish to protect before marrying. However, it's also possible for a prenup to provide much-appreciated protections for couples of average means getting ready to walk down the aisle.
Some Illinois residents find that having bank accounts that are separate from their spouses reduces financial conflict. Additionally, some may believe that it can actually make the divorce process easier as finances were never commingled and, thus, are not considered marital property to be divided. This is actually a misconception as any assets gained during the marriage may be designated as marital property, making them subject to division.
People in Illinois might think that disagreements about money or whether to have children could raise their divorce risk, but some studies show that choosing certain wedding days could be a predictor for divorce. According to a study conducted at the University of Melbourne, choosing certain wedding dates could indicate that the couple is at a higher risk for divorce.
During a divorce in Illinois, decisions have to be made about the division of both assets and debt, and this includes student loans. Like other forms of debt, any student loans taken before the marriage began will be the sole responsibility of the original borrower. When student loans are taken out during a marriage, however, things become a bit more complicated. In community property states, student loans are divided equally between spouses automatically, but Illinois is not one of those states.
For most couples in Illinois, the process of ending a marriage is more than enough to have on their plates. Unfortunately, there are times when one of the divorcing spouses also loses his or her job during this time of transition. Several factors come into play when this happens.
Divorced parents in Illinois may need to revise their co-parenting plans for the summer. As children get older, their needs change, and they may want to spend more time with friends or have other obligations. Parents should try to work out summer plans as early as possible, so their children know what to expect.
When people in Illinois get a divorce, they need to be able to protect themselves financially, and this requires a thorough knowledge of their financial situation. They also need to understand what their expenses will be like after the divorce. The first step should be to gather as much documentation as possible.
Social Security benefits may be offered to an individual based on his or her spouse's work record. This is generally true if the individual was married to that spouse for at least 10 years. The amount of the benefit is equal to 50% of the benefit that the former spouse is set to receive. However, that former spouse will still receive his or her full benefits.